Businesses are bracing themselves for a rand at R8 or even R8,50 to the United States dollar after the shock 20% weakening in the local currency since early May. The Reserve Bank is likely to tighten interest rates aggressively from here to stem the slide in the rand. Some economists are forecasting a further 1,5% to 2% increase in rates over the next year.

Sydney Maree, the former 1 500m world-record holder, is running the race of his life. The former champion athlete and one-time head of the state-owned National Empowerment Fund (NEF) appeared in court recently in an effort to clear his name of charges that he stole R1-million from the NEF.

Mild panic has gripped the world’s financial markets as the stock market rout that started in early May continued, with many stocks losing up to 10% of their value in as many days. Asset managers attempted to douse the growing panic by advising investors to stay calm, though those who heeded the same advice in 1998 had to wait nearly two years to recover from the 40% drop in stock prices.

Wine, one of the great South African export stories of the past decade, is beginning to lose its fragrance. Most South African wines are now being exported at a loss as profit margins tumbled from the giddy heights of 2001, when the rand traded at R18 to the pound and R12 to the United States dollar.